The privacy-focused Monero blockchain has suffered a 51% assault, leading to its chain reorganization.
On Aug. 12, Sergey Ivancheglo, identified within the crypto neighborhood as “Come-from-Past” (CFB), claimed on X that Qubic had surpassed 51% of Monero’s community hash price, saying:
“Appears to be like like Qubic has achieved 51% over Monero, we’re ready for impartial confirmations.”
Ledger CTO Charles Guillemet later confirmed the declare, stating that Qubic now controls most of Monero’s computing energy.
He famous:
“Different miners are left with no incentive to proceed, as Qubic can merely orphan any competing blocks, successfully changing into the only miner.”
He warned that the group’s dominance may allow large-scale blockchain rewrites, double-spending, and transaction censorship.
Guillemet estimated the operation prices round $75 million per day however famous it may nonetheless be worthwhile, a minimum of within the quick time period.
The Ledger CTO concluded that the assault had allowed a smaller chain to overhaul a high 30 crypto tokens. He wrote:
“In impact, a $300 million market-cap chain is taking on a $6 billion one. Monero’s choices for restoration are restricted, and a full takeover is now attainable and even seemingly.”
Nonetheless, CFB claimed that the takeover of the privacy-focused community was designed to organize it towards future assaults of such nature.
In keeping with him:
“The Monero group is sprucing particulars of their 51% assault safety. Many accused us of being sponsored by 3-letter companies to assault this anon coin. What do you assume now, after we has helped Monero to organize for its future fights towards these companies.”
Following the information, Monero’s XMR token fell by greater than 13% to $247 as of press time, in accordance with CryptoSlate’s information.
How Qubic gained management of Monero
Qubic’s technique revolved round an incentive-driven “pay-to-switch” mining marketing campaign.
By providing considerably increased payouts than common Monero mining swimming pools, the Monero mining pool attracted sufficient contributors to surpass the 51% threshold.
Information from Chaos Labs reveals Monero’s hash price climbing to three.01 GH/s as miners chased rewards of $3.13 per day in comparison with $0.64 from customary swimming pools. Over the previous 30 days, Qubic’s exercise contributed to a 28% drop in XMR’s value, whereas QUBIC tokens surged 57%.
In the meantime, Qubic’s mannequin additionally includes distributing half its mining income to taking part miners and utilizing the opposite half to buy and burn QUBIC tokens.
So, if the mission mines 100% of Monero’s every day blocks, it yields round 432 XMR, value roughly $118,000 at present costs, with $59,000 burned every day.
